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China Reassures Role of Venture Capitalists After Tech Crackdown

China sought to reassure investors that venture capital still has a role to play in the technology sector after a year-long crackdown on online gaming, tutoring and other areas hammered the shares of its biggest companies including Alibaba Group Holding Ltd. and Tencent Holdings Ltd.

“We will promote the development of venture capital,” Premier Li Keqiang said in prepared remarks Saturday at the opening of the National People’s Congress. “New financial products and services” will be developed to support research and development, he said.